Mid-tier IT services firm Happiest Minds Technologies reported an 33.7 per cent year-on-year (y-o-y) rise in net profit at ₹59.4 crore for the quarter ended September 30. On a sequential basis, profits rose 5.4 per cent from ₹56.34 crore in the last quarter. 

The company’s operating revenues stood at $44.3 million, up by 5 per cent quarter-on-quarter (q-o-q) and 23.8 per cent y-o-y. Total income in the quarter stood at ₹359.33 crore, up by 8.9 per cent q-o-q and 31.1 per cent y-o-y.  

Its EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter was ₹94.34 crore, 26.3 per cent of its total income. This amounts to 7.5 per cent growth q-o-q and 34.1 per cent y-o-y.  

‘Cautiously optimistic’

Venkatraman N, MD and CFO, told businessline, “Growth has come from all verticals. Our 90.6 per cent repeat business shows continued customer faith and belief. The demand from UK and Europe, however, has softened slightly. We remain cautiously optimistic.” 

The company had a headcount of 4,581 employees at the end of the quarter with net 393 additions. The 12 months trailing attrition rate stood at 23.5 per cent. The number of clients totalled 226, with 16 additions in the second quarter.

Ashok Soota, Executive Chairman, said, “We have yet again delivered on our promise of delivering industry-leading growth with profitability. Our results reflect the 360-degree value we create for our customers with our breadth and depth of offerings”.

Published on October 21, 2022